Opening Date
9 Dec 2024
Closing Date
20 Dec 2024
Yield
UPTO 10.75%
Tenure
UPTO 120 MONTHS
Ongoing IPO
Opening Date
9 Dec 2024
Closing Date
20 Dec 2024
Time to close
Yield
UPTO 10.75%
Tenure
UPTO 120 MONTHS
| Issue Size (Including Green Shoe Option) | 300 | ||
| Face Value | 1000 | ||
| Coupon | UPTO 10.75% | ||
| Minimum Number of Bonds | 10 | ||
| Lot Size (Multiplier) | 1 | ||
| Allotment Date (Tentative) | 26 Dec 2024 | ||
| Listing Date (Tentative) | 30 Dec 2024 | ||
| Exchange Bid Time (24 Hours) | 10:00 to 17:00 | ||
Documents attached
*Allotment on first come first serve basis
Series | I | II | III | IV | V | VI | VII | VIII | IX | X | XI | XII |
Nature Of NCDs | Secured Reedemable Non-Convertible Debenture | |||||||||||
Who Can Apply | Everyone | |||||||||||
Tenure | 24 Months | 24 Months | 24 Months | 36 Months | 36 Months | 36 Months | 60 Months | 60 Months | 84 Months | 84 Months | 120 Months | 120 Months |
Frequency of Interest payment | YEARLY | MONTHLY | CUMULATIVE | YEARLY | MONTHLY | CUMULATIVE | YEARLY | MONTHLY | YEARLY | MONTHLY | YEARLY | MONTHLY |
Best Coupon Rate (% p.a.) for: | ||||||||||||
Category 1 | 9.25 % | 8.88 % | -N.A.- | 9.40 % | 9.02 % | -N.A.- | 9.65 % | 9.25 % | 10.00 % | 9.57 % | 10.25 % | 9.80 % |
Category 2 | 9.25 % | 8.88 % | -N.A.- | 9.40 % | 9.02 % | -N.A.- | 9.65 % | 9.25 % | 10.00 % | 9.57 % | 10.25 % | 9.80 % |
Category 3 | 9.65 % | 9.25 % | -N.A.- | 9.90 % | 9.48 % | -N.A.- | 10.15 % | 9.71 % | 10.50 % | 10.03 % | 10.75 % | 10.25 % |
Category 4 | 9.65 % | 9.25 % | -N.A.- | 9.90 % | 9.48 % | -N.A.- | 10.15 % | 9.71 % | 10.50 % | 10.03 % | 10.75 % | 10.25 % |
Effective Yield (% p.a.) for: | ||||||||||||
Category 1 | 9.25 % | 9.25 % | 9.25 % | 9.40 % | 9.40 % | 9.40 % | 9.65 % | 9.65 % | 10.00 % | 10.00 % | 10.25 % | 10.24 % |
Category 2 | 9.25 % | 9.25 % | 9.25 % | 9.40 % | 9.40 % | 9.40 % | 9.65 % | 9.65 % | 10.00 % | 10.00 % | 10.25 % | 10.24 % |
Category 3 | 9.65 % | 9.65 % | 9.65 % | 9.90 % | 9.90 % | 9.90 % | 10.15 % | 10.15 % | 10.50 % | 10.48 % | 10.74 % | 10.75 % |
Category 4 | 9.65 % | 9.65 % | 9.65 % | 9.90 % | 9.90 % | 9.90 % | 10.15 % | 10.15 % | 10.50 % | 10.48 % | 10.74 % | 10.75 % |
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Sammaan Capital Limited Company was incorporated as Indiabulls Housing Finance Limitedu2019, under the Companies Act, 1956 on May 10, 2005 pursuant to a certificate of incorporation issued by the Registrar of Companies, Delhi and Haryana at New Delhi RoC and commenced its business on January 10, 2006 pursuant to a certificate of commencement of business issued by RoC.Pursuant to the resolution passed by our shareholders at the AGM held on September 25, 2023 and an application filed by the Company to the Reserve Bank of India RBI, the Company has obtained a certificate of registration dated
June 28, 2024, bearing registration number N 14.03624, as a non-banking financial company without accepting public deposits by RBI in accordance with Section 45IA of Reserve Bank of India Act, 1934 COR. The RBI also approved the change of name of the Company to Sammaan Capital Limited under the COR, which was given effect to on the date of receipt of the COR by the Company being July 2, 2024. Additionally, the Company has received a fresh certificate of incorporation dated May 21, 2024 from the Ministry of Corporate Affairs pursuant to its change of name to Sammaan Capital Limited.
Strong capitalisation with healthy cover for asset-side risks
Capitalisation is marked by sizeable networth of Rs 19,792 crore as on March 31, 2024, supported by equity raise of Rs 3,693 crore in FY2024 and healthy internal cash accrual. Accretion of Rs 1,988 crore from sale of bulk of its investment in OakNorth Bank in fiscal 2021 also strengthened the capital position. Networth coverage for net non-performing assets NPAs was comfortable at around 19.9 times as on March 31, 2024. Further, consolidated Tier-1 capital adequacy ratio CAR was healthy at 31.5%, as was overall CAR at 33.3%. Consolidated on-book gearing was comfortable at 2.5 times as on March 31, 2024 3.0 times as on March 31, 2023. Given the strong liquidity that IBHFL maintains on a steady-state basis, net gearing was 1.6 times as on March 31, 2024.
Comfortable asset quality in retail segment
IBHFL reported gross non-performing assets GNPAs of 2.69% as on March 31, 2024, compared to 2.86% as on March 31, 2023 3.21% as on March 31, 2022. Reduction in GNPAs over fiscal 2023 has been driven by improvement in asset quality GNPAs of the mortgage book to 1.71% as on March 31, 2023, from 1.97% a year ago while GNPAs in the commercial credit book increased to 10.28% March 31, 2024, from 9.06% as on March 31, 2023.
Sizeable presence in the retail mortgage finance segment
The total AUM of IBHFL stood at Rs 65,335 crore as on March 31, 2024. Share of housing loans within the overall AUM increased to 72% as on March 31, 2024, from 50% as on March 31, 2015. The LAP portfolio accounted for 17% of the overall AUM as on March 31, 2024, with the remaining comprising commercial credit. The proportion of housing loans and LAP is expected to increase further over the medium term.
Successful transition to new business model to be establish
The management has recalibrated its business model, under which IBHFL is gradually moving towards a less risky and asset-light framework, wherein disbursements will primarily be in the housing loans and LAP segments with a potential 60:40 split, with a low proportion of incremental disbursals in the developer finance portfolio. Further, on a steady state basis, of the overall disbursals, a significant proportion will be either co originated or sold down to banks. IBHFL has started working towards this new model and thus far, entered into a co origination agreement with eight financial institutions.
Susceptibility to asset quality risks arising from the commercial real estate portfolio
Asset-quality risks arising from a sizeable, large ticket commercial credit portfolio of Rs 7,426 crore as on March 31, 2024, persist, and could impact the portfolio performance. This portfolio exhibits high concentration average ticket size of Rs 150 crore, with the top 10 exposures forming 64% of the corporate AUM and having a median rating of B/BB. Thus, even a few large accounts experiencing stress could impact the overall asset quality.
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